North America Next Generation Storage Market Size (2024 - 2029)

The North America Next Generation Storage Market is poised for growth, driven by the increasing demand for storage solutions in the United States. This demand is fueled by the concentration of global vendors and consumers, the rise of hyperscale data centers, and the significant data generation from the smart retail sector. The region's high internet and smartphone penetration rates, along with extensive 5G network coverage, further contribute to the expansion of the market.

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Market Size of North America Next Generation Storage Industry

North America Next Generation Storage Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 25.59 Billion
Market Size (2029) USD 34.65 Billion
CAGR (2024 - 2029) 6.29 %
Market Concentration High

Major Players

North America Next Generation Storage Market Major Players

*Disclaimer: Major Players sorted in no particular order

North America Next Generation Storage Market Analysis

The North America Next Generation Storage Market size is estimated at USD 25.59 billion in 2024, and is expected to reach USD 34.65 billion by 2029, growing at a CAGR of 6.29% during the forecast period (2024-2029).

  • The next-generation storage market is showing signs of growth in the United States, owing to the regional concentration of global vendors and consumers in the country.
  • The number of hyperscale data centers that cloud companies and social network providers use has increased globally. North Virginia recorded around 2060 megawatts of inventory of data centers in the United States.
  • The region holds a significant smart retail market share, which generates a huge amount of data, in turn creating the demand for storage solutions. According to the U.S. Census Bureau, from January to March 2022, U.S. retail e-commerce sales amounted to approximately USD 250 billion, marking a 2.4% increase compared to the last quarter.
  • The United States region has approximately 348 million Internet users, according to Internet World stats. This is one of the highest penetration rates in the world. The growth in Internet users is directly connected to growth in data generation and, in turn, influencing the next-generation storage market. The country also possesses the highest smartphone penetration, which is around 93.4%. The region also has the widest coverage of the 5G network, with a 5G subscription penetration of 41%, according to Ericsson.

North America Next Generation Storage Industry Segmentation

Next-generation storage technology deals with an advanced portfolio of products and solutions, which help store data across various end-user industries, including IT firms, automotive companies, and data centers. With the increasing file sizes and a huge amount of big and unstructured data, IT companies face plenty of problems while dealing with data management. Conventional data storage technologies cannot handle a large amount of everyday data. The next-generation data storage infrastructure offers a reliable, faster, and cost-effective solution to meet the demands of growing data storage.

The North America Next Generation Storage Market is segmented by the storage system (direct attached storage (DAS), network attached storage (NAS), storage area network (SAN)), storage architecture (file and object-based storage (FOBS), and block storage), and end-user industry (BFSI, retail, IT and telecom, healthcare, and media and entertainment). The report offers market forecasts and size in value (USD) for all the above segments.

Storage System
Direct Attached Storage (DAS)
Network Attached Storage (NAS)
Storage Area Network (SAN)
Storage Architecture
File and Object-based Storage (FOBS)
Block Storage
End-User Industry
BFSI
Retail
IT and Telecom
Healthcare
Media and Entertainment
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North America Next Generation Storage Market Size Summary

The North America next-generation storage market is poised for significant growth, driven by the increasing demand for advanced storage solutions across various sectors. The United States, in particular, is experiencing a surge in market activity due to its concentration of global vendors and consumers, coupled with the rise of hyperscale data centers. The proliferation of internet users and high smartphone penetration rates in the region are contributing to the exponential growth in data generation, thereby fueling the demand for next-generation storage solutions. The market is further bolstered by the expansion of 5G networks and the growing adoption of cloud-based storage solutions, which offer enhanced convenience and cost-effectiveness. These trends are encouraging businesses, including small and medium-sized enterprises, to adopt cloud storage to optimize costs and improve business agility.

The competitive landscape of the North America next-generation storage market is characterized by the presence of major technology players who leverage innovative technologies and strategic partnerships to maintain their market position. Companies are increasingly focusing on product innovations and advancements to meet the evolving needs of consumers and businesses. Collaborations and acquisitions are common strategies employed by market participants to enhance their offerings and expand their market reach. The introduction of advanced technologies, such as hybrid cloud solutions, is further driving market growth, although challenges related to security and network bandwidth remain. The market's trajectory is supported by ongoing developments in cloud data centers and the adoption of pay-as-you-go and SaaS models, which are reshaping the storage landscape and enabling organizations to focus on their core competencies.

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North America Next Generation Storage Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.2.1 Threat of New Entrants

      2. 1.2.2 Bargaining Power of Buyers

      3. 1.2.3 Bargaining Power of Suppliers

      4. 1.2.4 Threat of Substitutes

      5. 1.2.5 Intensity of Competitive Rivalry

    3. 1.3 Impact of COVID-19

  2. 2. MARKET SEGMENTATION

    1. 2.1 Storage System

      1. 2.1.1 Direct Attached Storage (DAS)

      2. 2.1.2 Network Attached Storage (NAS)

      3. 2.1.3 Storage Area Network (SAN)

    2. 2.2 Storage Architecture

      1. 2.2.1 File and Object-based Storage (FOBS)

      2. 2.2.2 Block Storage

    3. 2.3 End-User Industry

      1. 2.3.1 BFSI

      2. 2.3.2 Retail

      3. 2.3.3 IT and Telecom

      4. 2.3.4 Healthcare

      5. 2.3.5 Media and Entertainment

North America Next Generation Storage Market Size FAQs

The North America Next Generation Storage Market size is expected to reach USD 25.59 billion in 2024 and grow at a CAGR of 6.29% to reach USD 34.65 billion by 2029.

In 2024, the North America Next Generation Storage Market size is expected to reach USD 25.59 billion.

North America Next Generation Storage Market Report Snapshots

North America Next Generation Storage Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)